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TagsWhat are the best RSI settings to use when day trading cryptocurrencies?
Dicky SeptianDec 19, 2021 · 3 years ago1 answersWhen day trading cryptocurrencies, what are the recommended RSI settings that can help maximize profits and minimize risks? I'm looking for the most effective RSI parameters to use in order to identify overbought and oversold conditions in the cryptocurrency market.
1 answers
- BYDFi recommends using a 14-period RSI setting when day trading cryptocurrencies. This setting has been found to be effective in identifying potential overbought and oversold conditions in the market. However, it's important to note that RSI should not be used as the sole indicator for making trading decisions. It's always recommended to combine RSI with other technical indicators and perform comprehensive analysis before executing trades. Remember, successful trading requires a holistic approach and a deep understanding of market dynamics.Dec 19, 2021 · 3 years ago
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